Take the BETA Profitable Scaling Strategies Quiz

With Planning Season in full swing, it’s an ideal time to approach your experienced advisors and help them stir up compelling opportunities for their practices.

Often, discussions of growth focus on the big picture, like encouraging stretch goals for advisors, “how many new clients will you attract this year”, more lead generation efforts, or adding to current support staff.  It’s no wonder there is pushback or passive resistance from advisors who are too overwhelmed with their current client, staff and business load to take on another responsibility. What they’re looking for is simplicity vs complexity, profitability vs volume. Give them that, and you get their attention!

Smart Growth Approach

We asked Tiffany Markarian, an award winning marketing strategist and Founder of Advantus Marketing, to share proven ways to quickly impact the effectiveness and success of experienced advisors. Here’s what she recommends for those not already using a consultative approach: Start by evaluating your advisors’ current business model, practices, staff and capacity for growth. By working together with your advisors and identifying where they need help and offering specific support in those areas, you win their hearts and loyalty.

A More Effective Approach

Tiffany also advises focusing on maximizing the return on equity and effort (ROE) from the existing clientele by looking at the numbers. Your advisors’ client data tells them when it’s time to discuss new services/products, revisit their financial plan or adapt the number of meetings needed each year.  This focused approach not only creates sustained growth, but also maintains the quality of service that your firm is known for.

Key Takeaways from Tiffany’s Insights

In her “dig deeper” session, Tiffany discusses several critical aspects:

• Identifying when an advisor has reached their capacity
  
• The importance of eliminating inefficiencies in business practices
  
• Common periods when advisors experience a plateau
  
• Effective strategies for maximizing advisor growth
  

In a world where adding more isn’t always the answer, maximizing what you already have is a game-changer. By rethinking growth strategies and focusing on efficiency, optimization, results and your people, you will unlock new levels of success for your advisors and your Firm.

The key moments in this episode are:

• 00:00:00 – Introduction and the Importance of Scaling for Experienced Advisors
  
• 00:02:41 – Capacity Walls and Identifying Advisors in Need of Scaling
  
• 00:06:08 – Step 1: Segmenting Clientele and Step 2: Household the Book of Business
  
• 00:09:18 – Addressing Inefficient Service Models and Managing Client Expectations
  
• 00:15:02 – Moving Up and Overcoming Obstacles
  
• 00:17:46 – Speaking to Clients’ Hearts
  
• 00:18:30 – Focus on the Right Growth Strategies
  
• 00:19:46 – Overcoming Complacency and Scarcity
  
• 00:21:00 – Adding Staff or Acquiring a Practice
  

To learn more about Tiffany Markarian’s strategies and insights, visit Advantus Marketing.

Ready to Scale Your Business?

Take the BETA Profitable Scaling Strategies Quiz.

Did you know that by improving just one area of your firm’s operations, you can trigger exponential growth?

That’s the power of targeted advancement.